Ukraine’s exports have been badly impeded by the conflict, which has caused the country to close its ports, while Russia’s exports have been damaged by Western sanctions. This has left India in a critical role as IMF Chief begs India to revise wheat export ban policy at World Economic Forum.
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Kristalina Georgieva, the head of the International Monetary Fund (IMF), urged India on Tuesday to rethink its restriction on wheat exports, stating the nation could serve an important role in international food security and world stability, reports NDTV.
At the World Economic Forum in Davos, Switzerland, she told NDTV, “I do have an appreciation for the fact that India needs to feed nearly 1.35 billion people and I do have appreciation for the heatwave that has reduced agricultural productivity, but I would beg India to reconsider as soon as possible because the more countries step into export restrictions, the more others would be tempted to do so and we would end up as a global community less equipped to deal with the crisis.”
Ms Georgieva, when queried how much it would assist if India lifted its prohibition, answered, “Wheat is one of the areas where Ukraine and Russia have been dramatically impacted by the war so depending on how much India can export and where it directs its exports, it could have significant impact especially if exports go to the countries most severely impacted like Egypt or Lebanon where what we see is not only risk of hunger but risk of social unrest and impact on global stability.”
India prohibited wheat exports earlier in the month, citing a severe heat wave as a factor in lower productivity and record-high domestic prices. However, the nation has stated that it will continue to allow exports to nations who ask for supply “to meet their food security needs.”
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The agriculture ministry announced on Thursday that the world’s second-largest wheat producer will likely reap 106.41 million tonnes in 2022, down almost 4.4 percent from the previous projection.
After the government declared it was aiming for record exports this year, the export prohibition was a major U-turn.
The Russian incursion of Ukraine has also harmed international wheat supplies, as the two nations together accounted for around 30% of global wheat exports.
Ukraine’s exports have been badly impeded by the conflict, which has caused the country to close its ports, while Russia’s exports have been damaged by Western sanctions.
Ukraine’s exports have been badly impeded by the conflict, which has caused the country to close its ports, while Russia’s exports have been damaged by Western sanctions.
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Western sanctions is the problem or more likely the West is the problem. And the West is sanctioning Russia for prosecuting a just war to rid themselves of Nazis and US bioweapons on their porch. Could be famine. Could also be a pretty cold winter in Europe. Carry on
Wow… how is this anything but an utterly pathetic attempt to portray India as “selfish” for wanting to ensure it’s own citizens eat? There is no imperative (as far as I know) that REQUIRES India to export grain… No, this is full-on with the agenda of “justifying” the destruction of all nations’ sovereignty. The “necessity” of a global governance, cuz they would fix everything, correct everything, make sure everything ran smoothly…. Yup, and I’ve got a bridge in Arizona to sell ya.